| Schedule of Segment Reporting Information, by Segment [Table Text Block] |
The following table presents the results of operations for our reportable segments for the years ending December 31, 2025, 2024 and 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concerts |
|
Ticketing |
|
Sponsorship
& Advertising |
|
|
|
Other & Eliminations |
|
Corporate |
|
Consolidated |
| |
(in thousands) |
| 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
$ |
20,860,726 |
|
$ |
3,081,166 |
|
$ |
1,329,233 |
|
|
|
$ |
(69,719) |
|
$ |
— |
|
|
$ |
25,201,406 |
|
| % of Consolidated Revenue |
82.8% |
|
12.2% |
|
5.3% |
|
|
|
(0.3)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Segment Items |
20,173,643 |
|
1,946,734 |
|
484,008 |
|
|
|
(44,986) |
|
275,607 |
|
|
22,835,006 |
|
| AOI |
$ |
687,083 |
|
$ |
1,134,432 |
|
$ |
845,225 |
|
|
|
$ |
(24,733) |
|
$ |
(275,607) |
|
|
$ |
2,366,400 |
|
| Intersegment revenue |
$ |
40,736 |
|
$ |
25,376 |
|
$ |
3,607 |
|
|
|
$ |
(69,719) |
|
$ |
— |
|
|
$ |
— |
|
| Capital expenditures |
$ |
942,053 |
|
$ |
92,058 |
|
$ |
30,964 |
|
|
|
$ |
— |
|
$ |
21,364 |
|
|
$ |
1,086,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
$ |
19,024,302 |
|
$ |
2,988,685 |
|
$ |
1,195,019 |
|
|
|
$ |
(52,381) |
|
$ |
— |
|
|
$ |
23,155,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| % of Consolidated Revenue |
82.2% |
|
12.9% |
|
5.2% |
|
|
|
(0.3)% |
|
|
|
|
| Other Segment Items |
18,494,554 |
|
1,865,097 |
|
431,242 |
|
|
|
(24,121) |
|
242,955 |
|
|
21,009,727 |
|
| AOI |
$ |
529,748 |
|
$ |
1,123,588 |
|
$ |
763,777 |
|
|
|
$ |
(28,260) |
|
$ |
(242,955) |
|
|
$ |
2,145,898 |
|
| Intersegment revenue |
$ |
29,633 |
|
$ |
22,220 |
|
$ |
528 |
|
|
|
$ |
(52,381) |
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital expenditures |
$ |
491,691 |
|
$ |
87,925 |
|
$ |
24,507 |
|
|
|
$ |
— |
|
$ |
33,508 |
|
|
$ |
637,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
$ |
18,740,913 |
|
$ |
2,959,477 |
|
$ |
1,095,217 |
|
|
|
$ |
(69,290) |
|
$ |
— |
|
|
$ |
22,726,317 |
|
| % of Consolidated Revenue |
82.5% |
|
13.0% |
|
4.8% |
|
|
|
(0.3)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Segment Items |
18,420,516 |
|
1,819,344 |
|
420,080 |
|
|
|
(29,716) |
|
214,974 |
|
|
20,845,198 |
|
| AOI |
$ |
320,397 |
|
$ |
1,140,133 |
|
$ |
675,137 |
|
|
|
$ |
(39,574) |
|
$ |
(214,974) |
|
|
$ |
1,881,119 |
|
| Intersegment revenue |
$ |
17,773 |
|
$ |
51,517 |
|
$ |
— |
|
|
|
$ |
(69,290) |
|
$ |
— |
|
|
$ |
— |
|
| Capital expenditures |
$ |
346,392 |
|
$ |
68,991 |
|
$ |
18,250 |
|
|
|
$ |
— |
|
$ |
35,118 |
|
|
$ |
468,751 |
|
|
| Reconciliation of AOI to Operating Income (Loss) [Table Text Block] |
The following table sets forth the reconciliation of consolidated AOI to operating income for the for the years ended December 31, 2025, 2024 and 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
2024 |
|
2023 |
|
(in thousands) |
| AOI |
$ |
2,366,400 |
|
|
$ |
2,145,898 |
|
|
$ |
1,881,119 |
|
|
|
|
|
|
|
| Acquisition expenses |
259,586 |
|
|
128,513 |
|
|
93,664 |
|
| Amortization of non-recoupable ticketing contract advance |
88,386 |
|
|
88,717 |
|
|
83,693 |
|
| Depreciation and amortization |
638,872 |
|
|
549,923 |
|
|
516,797 |
|
| Gain on sale of operating assets |
(18,528) |
|
|
(11,015) |
|
|
(13,927) |
|
| Astroworld loss contingencies |
(8,352) |
|
|
454,902 |
|
|
— |
|
| Stock-based compensation expense |
155,219 |
|
|
110,348 |
|
|
115,959 |
|
| Operating income |
$ |
1,251,217 |
|
|
$ |
824,510 |
|
|
$ |
1,084,933 |
|
|